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Strategies & Market Trends : Arbitrage Plays -- Ignore unavailable to you. Want to Upgrade?

To: Keith J who wrote (161)	2/1/2000 8:20:00 PM
From: Allen Furlan	Respond to of 376

Keith,unless I am misreading the prospectus, the value received for the reduced consideration is 1.255 shares plus additional consideration plus 26. The average price setting period has probably already begun(if merger is completed in mid Feb) That is why I am anxious to see the election form since this will tell us the proposed completion date. In any case the price gets set over a very protracted 30 trading day period. My assumption is that if the price of fnf declines it will be in a linear progression. Therefore the additional consideration will be based on an higher average price than the closing price. My plan is to sell calls on fnf so that I am protected against a falling price of that stock.